MIKHAIL PROKHOROV SUCCESSFULLY ACQUIRES 100% OF THE BROOKLYN NETS

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Russian billionaire Mikhail Prokhorov has acquired 100 percent control of both the Brooklyn Nets and the Barclays Center, a press release revealed this week.

Terms, however, were not divulged at press time.

The Nets are valued at $875 million and the arena is valued at $825 million for a total of $1.7 billion, the release said.

Prokhorov previously owned an 80 percent of the team and 45 percent of the arena before the new deal. Minority partner, Bruce Ratner, had control of the other 20 percent of the team and 55 percent of the arena.

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